Remgro Snaps Up A 25% Stake In PG

Cape Town - Remgro, the country's largest investment holding firm, has bought a 25 percent stake in privately owned glass maker PG for R700 million.

Remgro chief executive Thys Visser said the stake had been bought from PG owner Ronnie Lubner and had more of the business been up for sale it would have bought a bigger share. Remgro said the acquisition, which was subject to certain conditions being met, would take advantage of growth in both the building and automotive sectors.

PG, under the brands Shatterprufe and PG Glass, is a leading manufacturer of both building and vehicle glass, as well as being a major exporter to the US and Europe.

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